A new spending spree

Assemblymember Marie Waldron (AD-75, R)

The fact that California is no longer running $20 billion annual deficits is a major improvement over recent years. Creation of a small rainy day fund to help carry us through hard times is further evidence that the state’s financial prospects have brightened.

However, an improving budget situation and the establishment of a small reserve fund can’t obscure the fact that we still face massive, unfunded long-term debts.

Many, including legislative analyst Mac Taylor, feel the reserve fund should be much larger than the $3.4 billion included in the state’s...